The results of Unitree Tech's IPO subscription are out. On the evening of August 11, Unitree Tech released the announcement of preliminary offline placement results and online lottery results for its IPO (Initial Public Offering). According to the announcement, there were approximately 19,414 winning lottery numbers for the online retail offering of this Sci-Tech Innovation Board (STAR Market) IPO. Offline, 313 institutions were ultimately allocated 22.65 million shares. The online winning rate and offline placement ratio were approximately 0.0181% and 0.0334%, respectively.
As a star robotics company that performed on the Spring Festival Gala and the "first humanoid robotics stock on the A-share market," Unitree Tech's IPO subscription difficulty set a historical record high.
Its online subscription on August 10 attracted a total of 9.7846 million retail investors, surpassing the previous subscription record of 9.4288 million for Changxin Technology and setting a new historical high for the STAR Market. The valid number of shares applied for online reached 53.637 billion, with the preliminary online valid subscription multiple as high as 8288.82 times.
Due to the heated subscription, Unitree Tech activated a clawback mechanism, reallocating 10% of the shares after deducting the final strategic placement portion, i.e., 3.236 million shares, from the offline offering to the online offering to meet the enthusiasm of online retail investors. The final winning rate was increased from the initial 0.012% to approximately 0.018%, but this winning rate still set a new historical low for the STAR Market.
It is worth noting that the winning rate for the previously listed Changxin Technology was approximately 0.47%, about 26 times that of Unitree Tech's IPO subscription.
"Unitree Tech's public offering size is relatively small, resulting in fewer shares available for online subscription, yet it attracted funds from 9.78 million retail investors competing for the limited supply. Therefore, the difficulty of winning shares was magnified multiple times," an institutional investor told Caijing.
Simultaneously, offline institutional subscription was also heated. 313 institutional investors managing 11,052 accounts participated in the offline subscription, with the valid offline subscription quantity reaching 67.7778 billion shares, representing an oversubscription multiple of approximately 2992.38 times. It is noteworthy that Liang Wenfeng, founder of DeepSeek, received an allocation of 258,200 shares through his quantitative institutions Ningbo Fantasia Quant and Zhejiang Jiuzhang Asset Management. Combined with the 933,400 shares allocated through DeepSeek's participation in the strategic placement earlier, Liang Wenfeng received a total allocation of 1.1916 million shares through the three entities, with an allocation amount of approximately 1.799 billion yuan.
Based on the listing schedule, the market generally predicts that Unitree Tech may officially list and begin trading on the A-share market as early as next week.
Currently, there is a significant gap in the valuations given to Unitree Tech by the market. CCB International, based on the scarcity of Unitree Tech as the "first humanoid robotics stock," its leading position as the global market share leader, and high expected earnings growth, forecasts a market capitalization of 109 billion yuan, corresponding to a 2026 target price-to-sales ratio of 32x. Some market institutions, based on the long-term industry potential, give optimistic expectations ranging from 200 billion to 300 billion yuan.
"Unitree Tech's listing on the STAR Market signifies a profound leap in the A-share hard tech asset map from 'digital intelligence' to 'physical intelligence'," Tian Lihui, a finance professor at Nankai University, told Caijing. Unitree Tech represents the 'embodied' form of AI interacting with the physical world. Its listing fills a crucial 'physical AI' asset piece in the A-share market, completing the key puzzle piece of the humanoid robot entity.
Winning Rate Hits New Low on STAR Market
According to the IPO results announcement, the number of new shares issued by Unitree Tech this time is 40.4464 million, accounting for approximately 10% of the total shares issued. It is divided into three parts: strategic placement, offline institutional placement, and online retail subscription. After activating the online-offline clawback mechanism, the strategic placement, offline institutional offering, and online retail offering are 8.0893 million shares, 22.6501 million shares, and 9.707 million shares, respectively, accounting for 20%, 56%, and 24% of the total issued shares. This means offline institutions secured the majority of Unitree's new shares.
As Unitree Tech's new share issuance itself is relatively small, and the initial online new share issuance proportion was only 16%, significantly less than the offline institutional placement and also lower than the strategic placement proportion, this resulted in an initial online available subscription quantity of only about 6.471 million shares, far lower than Changxin Technology's online issuance quantity of 3.851 billion shares.
However, Unitree Tech's immense popularity attracted a large number of enthusiastic retail investors for subscription, with a total of 9.7846 million retail investor accounts participating, exceeding Changxin Technology's 9.4288 million. Consequently, Unitree Tech's online IPO subscription difficulty set a new historical high for the STAR Market.
The preliminary online valid subscription multiple reached 8288.82 times, with an initial winning rate of only about 0.012%. After the clawback mechanism transferred 3.236 million shares from the offline to the online offering, the final online available shares increased from 6.471 million to 9.707 million, and the proportion of new issued shares increased from the initial 16% to 24%. The final winning rate rose to approximately 0.018%, but this winning rate still set a new historical low for the STAR Market.
Unitree Tech's IPO price of 150.8 yuan per share is the second highest among STAR Market IPOs this year, second only to Pinzhun Laser's issue price of 186.88 yuan per share on August 7. Subscribing to one lot of Unitree Tech (500 shares for STAR Market IPOs) requires a payment of 75,400 yuan.
Based on this subscription amount, if calculated according to the average first-day listing increase of 466.61% for the 13 STAR Market IPOs that have listed this year, the floating profit from winning one lot of Unitree Tech shares would reach 351,800 yuan. If calculated according to the median first-day listing increase of 289.48%, the floating profit would be 218,300 yuan.
Also, based on Unitree Tech's issue market capitalization of approximately 61 billion yuan, if the post-listing market cap exceeds 100 billion yuan, corresponding to a share price of 247.24 yuan, winning one lot could yield a profit of 48,000 yuan. If the market cap exceeds 200 billion yuan (share price 494.49 yuan), the profit could be 171,800 yuan. If the market cap surges to 300 billion yuan (share price 741.73 yuan), the profit could reach 295,500 yuan.
For investors, Unitree Tech may become another highly profitable IPO this year, with significant money-making effects, thus receiving high attention from IPO subscribers. The industry generally expects that the floating profit from Unitree Tech's IPO could reach over 200,000 yuan, more than 10 times that of Changxin Tech's IPO profit.
However, regarding the potential valuation expectation of 200 billion to 300 billion yuan for Unitree Tech post-listing, many investors are concerned about overvaluation. This is because Unitree Tech's issue price-to-earnings (P/E) ratio is 219.23x. If the post-listing valuation reaches 200 billion yuan, its static P/E ratio would exceed 700x.
Liang Wenfeng Subscribes to Unitree Tech
In the offline institutional subscription, 313 institutional investors managing 11,052 valid-quote placement objects participated. The valid offline subscription quantity was 67.7778 billion shares, with the offline issuance quantity being 22.6501 million shares, accounting for 56% of the new issued shares. The offline oversubscription multiple reached approximately 2992.38 times. Among these, 10% of the offline placed shares (approximately 2.26943 million shares) are locked for 6 months from listing, while 90% of the shares (approximately 20.38072 million shares) can be circulated from the listing day.
According to the offline placement results, Class A investors, including public funds, social security funds, pension funds, annuity funds, bank wealth management products, insurance funds, and insurance assets, had a valid subscription quantity of 57.8479 billion shares, accounting for 85.35% of the total offline subscription. They ultimately received 19.3338 million shares, with a placement ratio of approximately 0.03342% and a total placement amount of approximately 2.915 billion yuan.
Class B investors, such as private funds, had a valid subscription quantity of 9.9309 billion shares, accounting for 14.65% of the total offline subscription. They ultimately received 3.3164 million shares, with a placement ratio of approximately 0.03339%, slightly lower than Class A investors, and a total placement amount of approximately 500 million yuan.
It is noteworthy that the average placement ratio of about 0.03342% for offline Class A and B investors is about 1.85 times the online retail winning rate of 0.018%, indicating a higher probability than online subscription. However, this offline placement ratio is still significantly lower than Changxin Technology's placement ratio of about 0.1755%, about one-fifth of the latter.
It is worth noting that after participating in the strategic placement, Liang Wenfeng also participated in Unitree Tech's offline subscription. His quantitative institution, Ningbo Fantasia Quant, had 155 products receive offline placement, including products like Fantasia 1000 Index Enhanced Xinxiang No.1 Private Securities Investment Fund, Fantasia CSI 300 Inclusive No.1 Private Securities Investment Fund, Fantasia Golden Selection Neutral Exclusive No.7 Phase 5 Private Securities Investment Fund, Fantasia Quant Customized No.16 Phase 2 Private Securities Investment Fund, etc., collectively receiving 195,000 shares with a placement amount of approximately 29.4077 million yuan.
Additionally, Liang Wenfeng's other quantitative institution, Jiuzhang Asset Management, had 43 products collectively receive 63,200 shares, with a placement amount of approximately 9.5297 million yuan.
Through his two entities, Liang Wenfeng received placement for a total of 198 private fund products, receiving a total of 258,200 shares with a total placement amount of approximately 38.9374 million yuan.
Previously, Liang Wenfeng had already participated in Unitree Tech's strategic placement through his large model company DeepSeek, receiving 933,400 shares with a placement amount of approximately 141 million yuan and a lock-up period of 36 months. Adding the portion from this offline subscription placement, Liang Wenfeng, through DeepSeek, Ningbo Fantasia Quant, and Zhejiang Jiuzhang Asset Management, received a total of 1.1916 million shares, with a total placement amount of approximately 179.9 million yuan. If Unitree Tech's market capitalization exceeds 300 billion yuan on its first trading day, Liang Wenfeng could potentially earn a floating profit of about 704 million yuan.
Details of Part of Fantasia Quant's Offline Placement
Liang Wenfeng's subscription to Unitree Tech has also attracted widespread external attention. At the online investor communication meeting for Unitree Tech's STAR Market listing on August 7, Wang Xingxing, Chairman, General Manager, and Chief Technology Officer of Unitree Tech, responded for the first time, stating that DeepSeek's participation in Unitree Tech's IPO strategic placement was based on a "Memorandum of Strategic Cooperation" signed between the two parties.
According to the latest announcement released by Unitree Tech, Unitree Tech and DeepSeek will cooperate in three areas: First, joint R&D oriented towards general artificial intelligence. Unitree Tech and DeepSeek will, based on specific business development needs and under equal conditions, choose each other as partners to jointly conduct cooperative R&D and product development related to large AI models and embodied intelligence technology, forming a strong alliance in the field of artificial intelligence.
Second, deep cooperation in high-performance general-purpose robots. In the future, when DeepSeek carries out business or application exploration related to embodied intelligence, it will, under equal conditions, prioritize choosing to conduct business cooperation with Unitree Tech in high-performance general-purpose robot procurement and technical solutions.
Third, deep cooperation in AI large models. In the field of embodied intelligence, Unitree Tech will continue to increase R&D investment and application development related to embodied large models. In the future, when conducting large model adaptation, calling, and integrated development, it will, under equal conditions, prioritize choosing to conduct business cooperation with DeepSeek in related model training services and technical solutions.
Simultaneously, DeepSeek will provide Unitree Tech with commercially competitive cooperation plans, including but not limited to providing technical support in areas such as model architecture solutions, intelligent computing cluster construction, and data center operation (if applicable) based on demand and business development.
The announcement stated that DeepSeek belongs to a large enterprise with a strategic cooperative relationship or long-term cooperation vision in business operations with the company, can carry out strategic cooperation with the company, possesses important resources in the same industry or upstream and downstream of the industrial chain as the company, and can enhance the company's market competitiveness.
Unitree Tech began gradually strengthening R&D investment in embodied large models, or the "brain," starting in 2024. Wang Xingxing once stated that the hardware for humanoid robots has long been sufficient, and the current bottleneck is the "brain." He also mentioned that the probability of success for Unitree developing its own robot large model is less than 50%. In making the robot's body, Unitree is number one globally; making the brain is a tough battle to fight.
